'Daejang-dong Development Seongnam Urban Development Corporation Ordinance Request' Kim Man-bae, Acquitted in Supreme Court

[Financial News] Kim Man-bae of Hwacheon Daeyu Asset Management, who was put on trial for bribing the chairman of the Seongnam City Council to help with the Daejang-dong development project, was acquitted by the Supreme Court.
The Supreme Court's 1st Division (Chief Justice No Tae-ak) confirmed the acquittal of Mr. Kim, who was indicted on charges including bribery, on the 18th.
Mr. Kim was also acquitted of charges of passing the ordinance for the establishment of Seongnam Urban Development Corporation by improper means, which was brought against former Seongnam City Council Chairman Choi Yoon-gil.
Mr. Kim was put on trial in 2012 for requesting former Chairman Choi to "pass the ordinance for the establishment of Seongnam Urban Development Corporation."
Former Chairman Choi was accused of leading protests to pass the ordinance by mobilizing residents and passing the ordinance against the principle of non-repetition during the absence of opposing council members.
The prosecution suspected that former Chairman Choi was hired as vice chairman of Hwacheon Daeyu in February 2021 as a reward for the request, promised a performance bonus of 4 billion won, and received 80 million won under the pretext of salary by November 17 of the same year.
The first trial sentenced Mr. Kim to 2 years and 6 months in prison and former Chairman Choi to 4 years and 6 months.
The first trial court stated, "In the urban development project, which should be conducted fairly, the city council chairman, who is tasked with overseeing the local government's business operations for the joint interests of private contractors and local residents, colluded, leading to misconduct in the ordinance passage process," and "The public's trust in the fairness and transparency of the urban development project and the city council's decision-making and voting process has been severely damaged."
However, the second trial overturned the first trial, stating that former Chairman Choi's misconduct was not recognized as guilty, and acquitted him.
The first trial judged the charges guilty based on the testimonies of lawyer Nam Wook and accountant Jung Young-hak, but the second trial rejected the credibility of these testimonies. The second trial court pointed out, "The witness testimonies were inconsistent, not specific, and showed an attitude of avoiding responsibility, making them difficult to believe."
Furthermore, even if former Councilor Choi was involved in the protest, it cannot be recognized as misconduct in his duties, and Mr. Kim's bribery charge based on former Chairman Choi's misconduct was not established.
The prosecution appealed, but the Supreme Court dismissed the appeal, finding no fault in the lower court's judgment.

jisseo@fnnews.com Seo Min-ji Reporter